VT a PCP contract - Advice

chalkie99

adamck wrote: »

I could in theory just sell the car and pay the settlement?

It isn't actually yours to sell though, it belongs to Black Horse.

andyfromotley

a settlement figure is something different i suspect.

What is the 50% amount i have described above??

adamck

chalkie99 wrote: »

It isn't actually yours to sell though, it belongs to Black Horse.

I have seen that you can sell the car as long as you pay the settlement figure.
I think the buyer has to make 2 payments when they buy the car, one to the finance company to pay the settlement, then the difference gets paid to you.

WeBuyAnyCar also do this:
http://www.webuyanycar.com/car-saving-advisor/how-to-get-a-settlement-quote-on-car-finance/

Car Finance Early Settlement Figure
Sell your car with webuyanycar.com and we'll be able to help you settle any car finance outstanding and give you the remainder (if there is any) in cash straight into your bank.

Don’t forget, with a HP or PCP agreement you have to settle the finance on the car or terminate the agreement by paying off money owing before you can sell the car on. At webuyanycar.com we can do this in one easy step. All you have to do is get in touch with your finance company and ask them for a “settlement figure”.

Im thinking of going back to the dealership and seeing what they would offer me back for the car.
They have serviced it, repaired it, MOT'd it and know its complete history from the day it was built.
They are also aware of the £3000 of extras on it etc...
Its a good, low mileage car, well looked after and in great condition, so they could sell it easily and quickly.
This method (rather than VT) would end the PCP and give me over £2000 in the bank.
WeBuyAnyCar offer £11,190 for the car, not taking into account the extras on it and the settlement is only £8,884.

adamck

andyfromotley wrote: »

a settlement figure is something different i suspect.

What is the 50% amount i have described above??

I think the car was £17,490 and the total amount was about £21/22K after balloon, payments, interest etc...

so im guessing i have a little more to pay before its 50%.
I think settling is my best bet in this case.

andyfromotley

Certainly sounds like it, Webuyanycar tend to offer rock bottom prices so its likely the dealer would at least match that, perhaps even pay more. But even going to them you sound like you are going to be in profit.

Let me know what happens, i'm interested,

andyfromotley

I would phone Black horse just to double check that a) this is ok, and b) to confirm the settlement figure.

No reason to think there is any problem but i am just super cautious on this stuff!!

adamck

andyfromotley wrote: »

I would phone Black horse just to double check that a) this is ok, and b) to confirm the settlement figure.

No reason to think there is any problem but i am just super cautious on this stuff!!

Yeah i will call them closer to the time that I'm going to do it, i will also ask Audi, I'm sure they have done this before too.
It seems like a great option for anyone with positive equity in the car.
Im on the BlackHorse website logged in, which gives me a settlement figure of £9122.49, But I'm due another payment this week which should bring it down to <£9000 (i worked it out to about £8884) if it works that way. Either way i would still be better off settling than VT, I'm sure the finance company prefer it too.

I will update this thread once I've looked into it, I'm still awaiting my company car, so no decisions until it arrives.

adamck

Heres the settlement page on the Black Horse Portal.
(private data removed)

buytwolet

WeBuyAnyCar bought my new Renault Clio 18 months into a 4 year deal (Renaults Finance) and they settle the outstanding PCP. It's so easy and their offer was much higher than the main dealers one, in the end it cost me less than £100 all in. To VT the same car would have cost me £2,000 I was very happy.

I did the same with a previous car (Citroën C1) and came home with £10 in my pocket and as they were also doing a breakfast run at the time threw in a Sausage and Egg sandwich.

andyfromotley

buytwolet wrote: »

as they were also doing a breakfast run at the time threw in a Sausage and Egg sandwich.

Genius, that'd work for me!!